Top 20 Online Banks’ Products and Services at a Glance

Learn about the online banking options from online-only banks.

Online banking, or digital banking, is becoming more common. Online-only banks often have better rates, generally because they lack the overhead costs of traditional banks. An online bank makes it possible to open an online bank account and complete all your transactions using your computer, tablet or phone. Banks included in the following list of the 20 best online banks offer many of the same products as traditional banks, from loans to an online checking account or savings account, plus the convenience of ’round-the-clock banking and a variety of customer service options.

All banks are insured by the FDIC, and except for Synchrony Bank, have a mobile app. Most offer customer service support either through live chat, phone or both. Here’s an at-a-glance view of the top 20 online banks’ products and services: 

Online Bank Products and Services at a Glance
Online BankMobile AppLive Chat24/7 Phone SupportChecking Savings CDCredit CardsHome Loans Auto LoansStudent Loans
FirstInternetFirst Internet BankYesYesNoYesYesYesYesYesYesYes
USAA logo 2017USAA Federal Savings BankYesNoNoYesYesYesYesYesYesYes
Ally logo 2017Ally BankYesYesYesYesYesYesYesYesYesNo
EverBank logo 2017EverBankYesNoYesYesMoney Market OnlyYesYesYesNoNo
State Farm logo 2017State Farm BankYesNoNoYesYesYesYesYesYesNo
Nationwide logo 2017Nationwide BankYesNoNoYesYesYesYesYesYesNo
Capital OneCapital One 350 BankYesNoNoYesYesYesYesYesYesNo
DiscoverDiscover BankYesNoYesYesYesYesYesNoNoYes
fnbo direct logoFNBO DirectYesNoYesYesYesYesYesNoNoNo
BankofInternetUSA logo 2017 iconBank of Internet USAYesYesYesYesYesYesNoYesNoNo
Bank5 logo 2017Bank5 ConnectYesYesNoYesYesYesNoNoNoNo
TIAA logo 2017TIAA DirectYesNoNoYesYesYesNoYesNoNo
sallie mae bank logoSallie Mae BankYesNoNoNoMoney Market OnlyYesYesNoNoYes
American Express logo 2017American Express BankYesNoYesNoYesYesYesNoNoNo
incredible bank logoIncredible BankYesNoNoYesYesYesYesNoNoNo
BankDirect logo 2017BankDirectYesNoNoYesYesYesYesNoNoNo
igobanking com logoiGObankingYesNoNoYesYesYesNoNoNoNo
CIT Bank logo 2017CIT BankYesNoNoNoYesYesNoYesNoNo
Synchrony BankSynchrony BankNoNoNoNoYesYesNoNoNoNo
Simple BankYesNoNoYes (personal spending via debit card)NoNoNoNoNoNo

Top 20 Online Banks for Products and Services

A number of similar products and services are offered among the banks in this list. To better decide exactly which financial institution is best for your needs, take a closer look at the top 20 online banks’ products and services:

First Internet Bank

First Internet Bank, an entirely online bank, has a live chat option and customer service lines available during extended business hours. To open an online account, you can contact customer service or complete the application online. First Internet Bank offers an array of products, from checking and savings accounts to mortgages and student loans. You can sign up for an IRA or health savings account as well.

USAA Federal Savings Bank

USAA Federal Savings bank offers a variety of banking products, including checking accounts, savings accounts and CDs, to members of the military community. Making deposits is easy with the Deposit@Mobile app feature, and you can also transfer money and make bill payments for free. The bank offers several loan options, too.

Ally Bank

Ally Bank is a full-service online bank. It offers a wide variety of account options, including one of the best online savings accounts on this list. The mobile app makes it easy to access your money and make payments online. You can make Automated Clearing House, or ACH, transfers or pay bills with an online check to any person or business that has a U.S postal address.

EverBank

EverBank offers a variety of online products, including what might be the best online checking account, which has an introductory, one-year 1.21% APY on all balances up to $250,000. Many online banks offer higher rates on savings accounts, but EverBank also offers its customers a money market savings account, CDs and mortgage loans.

State Farm Bank

State Farm Bank offers a full menu of banking products, including checking and savings accounts, IRA CDs, traditional and Roth IRAs, health savings accounts, and educational savings plans. In addition, State Farm offers a variety of loan types, including vehicle and boat loans as well as fixed- and adjustable-rate home purchase and refinance loans.

Related: 7 Tips to Save Money on Boat, RV and Other Vehicle Loans

Nationwide Bank

Nationwide Bank is an online-only bank with many products including home mortgage and auto loans. In addition, you can open checking, savings and money market accounts and CDs, and apply for a credit card. It also has a convenient mobile banking app.

Capital One 360 Bank

Capital One 360 Bank offers competitive rates on its checking and savings accounts. In addition to a number of CD options, you can apply for a mortgage loan, auto loan and credit card through Capital One. The bank works with Zelle to allow customers to transfer money and pay bills on the go, and the Capital One Wallet helps you manage your debit card and credit card transactions.

Discover Bank

Discover Bank offers more than just credit cards. You also can sign up for checking, savings and IRA accounts online. Discover’s IRA CD rates beat those of Wells Fargo, Bank of America and Citibank by a wide margin. Discover checking accounts offer cash back on purchases, up to a maximum of $120 per year. Discover’s credit products include credit cards, plus personal loans and student loans.

Read: 10 Best Checking Accounts of 2017

FNBO Direct

FNBO Direct focuses on the basics. It offers an online checking account, a savings account, a CD account and a credit card. You will not be able to apply for an auto loan or a mortgage with this bank, but FNBO Direct does have a mobile app you can use to manage your accounts and make person-to-person payments.

Bank of Internet USA

Bank of Internet USA, one of America’s oldest internet banks, offers checking and savings accounts. Additionally, you can open a money market account, an IRA or a CD. The bank offers unsecured personal loans as well as mortgages, but it doesn’t have credit cards or car loans. Business customers can choose from high-yield checking accounts and savings and money market accounts. Bank of Internet USA has special savings and money market accounts for homeowner associations, religious organizations and non-profits.

Check Out: 10 Best Savings Accounts of 2017

Bank5 Connect

Bank5 Connect focuses primarily on checking and savings accounts. It offers a high-interest checking account with no monthly maintenance fee. The bank also offers savings and CD accounts. You can download the mobile app to access your account information on the go. The website is designed for easy navigation by users who are new to online banking.

TIAA Direct

TIAA Direct offers checking and savings accounts with no monthly maintenance fee.  In addition, it reimburses up to $15 in ATM usage fees each month when you use out-of-network ATMs. Mortgages and home equity loans are available through its partner, EverBank. You can also open money market and CD accounts with TIAA Direct.

Check Out: 10 Best CD Accounts of 2017

Sallie Mae Bank

Sallie Mae Bank focuses primarily on student loans, but it also offers a money market account and a SmartyPig account that allows you to transfer money to reach savings goals. Another unique option is its Commence MasterCard, which earns you cash back on purchases and lets you apply the cash to pay down your student loan.

American Express Bank

American Express Bank offers high-yield savings accounts and CDs. Although you can apply for an American Express card, the savings accounts and credit card accounts aren’t linked, so you’ll need a separate login to access them.  American Express is well-known for its customer service and has agents available 24/7.

Incredible Bank

Incredible Bank offers a variety of services for its customers. You can open a checking or savings account, a money market account or a business money market account. Credit cards are available here as well, and you can also apply for a specialty loan for a motor coach or RV. Incredible Bank supports mobile wallet and allows you to pay for purchases using Google Pay or Apple Pay.

BankDirect

BankDirect focuses on a small selection of deposit and investment products but does not make loans as of mid-2017. You can open a checking, savings or CD account or an IRA. Bank Direct offers online-only banking and a mobile app. It also offers free bill pay and other online banking services.

iGObanking

iGObanking is another bank that is primarily focused on offering checking and saving accounts. No loan options are available at this bank, but in addition to traditional deposit accounts, you can open a money market account and purchase CDs. You can also open a traditional or Roth IRA. The iGObanking mobile app allows you to deposit checks online.

CIT Bank

CIT Bank is an online bank that focuses on savings accounts and home loans. CIT Bank offers a Premier high-yield savings account as well as several CD choices. The home loan products include traditional mortgages and home equity loans. You can log in to access your account information using your computer or the CIT Bank mobile app.

Synchrony Bank

Synchrony Bank offers its customers savings accounts and CDs. If you want a bank that allows you to manage most aspects of your finances, you might want another bank. But if you’re looking for competitive interest rates, Synchrony Bank might be a great option for purchasing a CD or opening an online savings account. You can also buy an IRA CD or open a money market account through Synchrony Bank. Although there’s no mobile app available, you can use your phone’s browser to access your accounts. The website gives instant access to account information. Bookmark the site to your phone or computer home screen to make future visits easier.

Simple Bank

Simple Bank is designed around creating an easy online checking account experience — without the checks. This spending account comes with a Visa debit card and allows photo check deposit and direct deposit. You can transfer funds quickly to other Simple account holders. The key to managing your account is the online app, which helps you track your money and stay on top of your purchases. You can use it to help you stick to your budget.

Up Next: 13 Banks With Free Checking and No Minimum Balance

All rates listed are accurate as of Oct. 2, 2017, and are subject to change.

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.

Nationwide, Nationwide Bank, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. Member FDIC.